Feb 27, 2017 - Alameda Moves Towards Divestment from Wells Fargo

Alameda – On February 21, the Alameda city council voted unanimously to move towards divesting $36 million from its accounts from Wells Fargo.

Council referral 2017-3935 states to, “Consider Directing Staff to: 1) Identify All Accounts with Wells Fargo and Investments in Wells Fargo Securities; 2) Draft a Request for Proposal (RFP) for Banking Services for the City of Alameda; and 3) Exclude Wells Fargo from the RFP process and Refrain from Making New Investments in Wells Fargo Securities for a Period of Three Years.”

The move was made due to the banks investment in the Dakota Access pipeline, financing of private prisons and in response to last year’s scandal in which regulators found that Wells Fargo had set up “accounts” for consumers without their knowledge leading to $185 million in fines and the firing of over 5,000 employees.

According to Vice Mayor Malia Vella, “If there is bad behavior and we do nothing about it, then we are passively condoning it.”

Alameda joins a growing list of local city and Tribal governments divesting from banks financing the Dakota Access pipeline.

by Wakíƞyaƞ Waánataƞ (Matt Remle- Lakota)